There is SaaS (Software-As-A-Service), there is PaaS (Platform-As-A-Service) and there is IaaS (Infrastructure-As-A-Service). If you combine these in the money transfer world, along with licensing, compliance, banking, payments, processing, identity, etc. You get Remittance-As-A-Service (RaaS)! What is Remittance-As-A-Service (RaaS)? Well watch this short video and learn more.
Hello, my name is Faisal Khan. I’m a banking and payment consultant and today I want to talk about a concept known as RaaS. R.A.A.S. stands for remittance as a service. It basically means you want to set up a money transfer company, you don’t have the software, you don’t have the licenses, you don’t have the compliance. So it’s in-a-box solution that you can rent just like you can rent software as a service like mail services or CRM or help desks or other apps that you can rent remittance as a service is exactly this. It provides a complete out-of-the-box solution of a complete money transfer service. It’s white label, it has the licenses, it has all the compliance program built in. It has banking relationship, processing, payment, escrow, nostro, vostro, treasury, fax, delivery partners; everything is included in part in remittance as a service.
What do you need to bring to the table? Well you need to bring only two things. You need to bring the checkbook, obviously you’ve got to do the prefunding. And you need to bring your marketing efforts. When you go into the market and you say, listen I want to become a money transfer service and you go to a remittance as a service provider they will provide you with the whole nine yards. Everything is there, it’s a turnkey solution. You’ll be up and running. So you want to start, you know, cheap money transfers dot com, well, you know in a couple of days they can have it up and running. But what you really need to do is bring the marketing. You need to drive traffic to your website, to your own branded website so that they turn into customers and so that you can eventually make money on it. Remittance as a service is a concept that is not very well known because it has so many components and very complicated components from not only a flow of funds point of view but also from a legal point of view also from a relationship point of view also from flow…funds handling point of view, also from a banking compliance point of view. It took literally many years, I think about two and a half years to structure it. And now it is offered as a product.
If you or anyone else you know would like to go to the money transfer business but does not have all the money to or the patience to wait for licensing and compliance and then banking relationships etc. and wants to give it a shot that they can really do you know make that money transfer business work then maybe RaaS would be good for you.
If you would like to know more, there’s a link in the comments section below where you can schedule a call and we can talk more and I can let you know about it. Until next time, have a good one.
This page was last updated on September 1, 2022.